TIAA-CREF Institute Gives Samuelson Award to Authors of Path-Breaking Study on Social Security Reform
NEW YORK, Dec. 9 /PRNewswire/ -- The costs and risks of reforming Social Security are obscured or understated in proposals from virtually all points on the political and economic spectrum, based on research by the 1999 winners of TIAA-CREF's fourth annual Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security. John Geanakoplos of Yale University, Olivia S. Mitchell of The Wharton School, and Stephen P. Zeldes of Columbia University, won the award for a submission first published in Prospects for Social Security Reform University of Pennsylvania Press, 1999).
The award-winning entry critiques several measures frequently used to compare Social Security outcomes under different reform scenarios. Money's-worth concepts such as the net present value of the unfunded Social Security liability, the internal rate of return on Social Security contributions, and the benefit-to-tax ratio, are widely used to describe the relationship between individual lifetime Social Security taxes paid and lifetime benefits received.
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